Nonprofit · EIN 47-1997891
FORMAN S ACTON EDUCATIONAL FOUNDATION
Tax-exempt · SALEM, NJ 08079
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990-PF | $3,870,757 | $2,436,132 | $1,434,625 | $38,988,556 | $14,258 | $38,974,298 |
| December 31, 2023 | 990-PF | $4,674,284 | $3,030,867 | $1,643,417 | $37,549,992 | $10,319 | $37,539,673 |
Financial details: 990-PF for the year ended December 31, 2024
Revenue
- Dividends
- $90,948
- Interest
- $206
- Net gain from sales of assets
- $3,641,096
- Other income
- $138,507
Expenses
- Grants and similar amounts paid
- $1,235,798
- Compensation of officers, directors and key employees
- $428,663
- Salaries, compensation and benefits (total)
- $245,270
- Disbursements for charitable purposes
- $2,313,193
- Excise tax on investment income
- $23,442
Balance sheet and other
- Total assets, start of year
- $37,549,992
- Total assets, end of year
- $38,988,556
- Total liabilities, end of year
- $14,258
- Net assets, end of year
- $38,974,298
- Fair market value of assets
- $38,988,556
- Qualifying distributions
- $2,313,193
- Net investment income
- $2,183,796
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990-PF for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KORTNEY SWANSON DAVIS 205 E BROADWAY, SALEM, NJ 08079 | PRESIDENT & COO | 40 | $258,703 | $9,700 |
| KIMBERLY SMITH 205 E BROADWAY, SALEM, NJ 08079 | SCHOLARSHIP DIRECTOR Highest-paid employee | 40 | $140,000 | $5,600 |
| JASMIN MCMILLON 205 E BROADWAY, SALEM, NJ 08079 | ACORN FUND ENROLLMEN Highest-paid employee | 40 | $94,481 | $3,779 |
| KEATH GERALD 205 E BROADWAY, SALEM, NJ 08079 | ACORN SCHOLAR ENGAGE Highest-paid employee | 40 | $92,558 | $3,702 |
| LAURENCE VAN METER 205 E BROADWAY, SALEM, NJ 08079 | EMERITUS TRUSTEE | 2 | $0 | $0 |
| DARRELL EDMONDS 205 E BROADWAY, SALEM, NJ 08079 | CHAIR (6/22 - PRESENT) | 2 | $0 | $0 |
| JANELLE ALEXANDER 205 E BROADWAY, SALEM, NJ 08079 | SECRETARY | 2 | $0 | $0 |
| STEVE BURNS 205 E BROADWAY, SALEM, NJ 08079 | TREASURER | 2 | $0 | $0 |
| EVELYN CAMPBELL 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| JACKIE EDWARDS 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| STEVE WADDINGTON 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| MIKE GORMAN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| MELISSA LITWIN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| JOHN MULHORN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| RICK WILSON 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
990-PF for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| KORTNEY SWANSON DAVIS 205 E BROADWAY, SALEM, NJ 08079 | PRESIDENT & COO JULY - PRESENT | 40 | $242,504 | $9,700 |
| KIMBERLY SMITH 205 E BROADWAY, SALEM, NJ 08079 | SCHOLARSHIP DIRECTOR Highest-paid employee | 40 | $175,108 | $7,004 |
| JASMIN MCMILLON 205 E BROADWAY, SALEM, NJ 08079 | ACORN FUND ENROLLMEN Highest-paid employee | 40 | $99,270 | $3,971 |
| KEATH GERALD 205 E BROADWAY, SALEM, NJ 08079 | ACORN SCHOLAR ENGAGE Highest-paid employee | 40 | $97,922 | $3,917 |
| LAURENCE VAN METER 205 E BROADWAY, SALEM, NJ 08079 | PRESIDENT & CEO JAN - JUNE | 28 | $72,080 | $3,080 |
| DARRELL EDMONDS 205 E BROADWAY, SALEM, NJ 08079 | CHAIRPERSON | 2 | $0 | $0 |
| JANELLE ALEXANDER 205 E BROADWAY, SALEM, NJ 08079 | SECRETARY | 2 | $0 | $0 |
| STEVE BURNS 205 E BROADWAY, SALEM, NJ 08079 | TREASURER | 2 | $0 | $0 |
| EVELYN CAMPBELL 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| JACKIE EDWARDS 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| STEVE WADDINGTON 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| MIKE GORMAN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| MELISSA LITWIN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| JOHN MULHORN 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
| RICK WILSON 205 E BROADWAY, SALEM, NJ 08079 | TRUSTEE | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 181, SALEM, NJ 08079-0181
- In care of
- % MERCADIEN PC CPAS
- Signed the 990-PF
- KORTNEY SWANSON DAVIS, PRESIDENT/CEO
- Phone
- (844) 436-7626
- Website
- WWW.FORMANSCHOLARS.ORG
- Return prepared by
- MERCADIEN PC
What it must file and when
IRS records say it files Form 990-PF. Private foundations file every year. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990-PF on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990-PF on file |
IRS record
- EIN
- 47-1997891
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Private non-operating foundation
- Donations deductible (Pub 78)
- Private foundation, 30% limit
- Exempt since
- 2015
- Accounting year ends
- December
- Files
- Form 990-PF
- Category (NTEE)
- Education (B82)
- Assets (IRS master file)
- $38,988,556
- Income (IRS master file)
- $229,661
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990-PF | December 2024 | $3,870,757 | $2,436,132 | $38,988,556 | IRS |
| 990-T | December 2024 | – | – | – | IRS |
| 990-PF | December 2023 | $4,674,284 | $3,030,867 | $37,549,992 | XML |
| 990-T | December 2023 | – | – | – | IRS |
| 990-PF | December 2022 | – | – | – | IRS |
| 990-PF | December 2021 | – | – | – | IRS |
| 990-PF | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 47-1997891).
Questions about FORMAN S ACTON EDUCATIONAL FOUNDATION
- What is the EIN of FORMAN S ACTON EDUCATIONAL FOUNDATION?
- The employer identification number (EIN) of FORMAN S ACTON EDUCATIONAL FOUNDATION is 47-1997891.
- Is FORMAN S ACTON EDUCATIONAL FOUNDATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2015.
- Are donations to FORMAN S ACTON EDUCATIONAL FOUNDATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Private foundation, 30% limit).
- Which annual return does FORMAN S ACTON EDUCATIONAL FOUNDATION file?
- Form 990-PF. Private foundations file every year.
- When is the next return of FORMAN S ACTON EDUCATIONAL FOUNDATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did FORMAN S ACTON EDUCATIONAL FOUNDATION last file with the IRS?
- The latest return in the IRS public files is the 990-PF for the year ended December 2024.
- Who are the officers and directors of FORMAN S ACTON EDUCATIONAL FOUNDATION?
- The 990-PF for the year ended December 31, 2024 lists 15 people; 4 received compensation from the organization, the highest $258,703 (KORTNEY SWANSON DAVIS, PRESIDENT & COO).
- How much revenue does FORMAN S ACTON EDUCATIONAL FOUNDATION have?
- On its 990-PF for the year ended December 31, 2024 it reported revenue of $3,870,757, expenses of $2,436,132 and total assets of $38,988,556 at year end.
Other nonprofits in SALEM
- EQUINE ASSISTED THERAPY ANDHANDICAPPED RIDING OF NEW JERSEY EIN 20-5482556 · last filed 990-EZ for 2024
- TOGETHER IN EDUCATION AT MANNINGTON EIN 61-1439923 · last filed 990-N for 2024
- ELSINBORO SCHOOL AND HOME ASSOCIATION EIN 99-5002542 · last filed 990-N for 2023
- LOWER ALLOWAYS CREEK TOWNSHIP ELEMENTARY SCHOOL PARENT TEACHER O EIN 20-2148618 · last filed 990-N for 2025
- ARC OF NEW JERSEY INC EIN 22-1899378 · last filed 990 for 2024
- STAND UP FOR SALEM INC EIN 22-2908783 · last filed 990 for 2024
- SALEM COUNTY WOMENS SERVICES EIN 22-2838239 · last filed 990 for 2025
- SALEM COUNTY INTER-AGENCY COUNCIL OF HUMAN SERVICES EIN 22-2403087 · last filed 990 for 2024